T & I Global Limited

Industrials — Specialty Industrial Machinery · BSE

₹178.95+₹5.75 (+3.32%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of T & I Global Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

T & I Global Limited manufactures and trades in tea and coconut processing machinery in India and internationally. It operates through Tea Machinery and Tea segments.

IndustrySpecialty Industrial Machinery

SectorIndustrials

Employees930

Annual revenue₹123 Cr

How does it make money?

Turns over ₹123 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation. Each of its 930 employees supports ₹13.2 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹13.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, LARSEN & TOUBRO LTD., HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 9.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE17.1%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved -17% while net margin moved -0% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-17%

Margin effect-0%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 6.1% a year
✗ Profit has declined at 6.2% a year
✗ Latest-year revenue growth of -12.3% is below the longer-term trend — momentum is fading
✗ Profit fell 28.9% in the latest year

Quality vs. Valuation

Company Quality

44/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

80/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

14.6x

3Y Median

14.3x

40 monthly readings · mean 15.2x · range 6.7x–23.7x

Sector Median

66.2x

median of 4 sector peers

🟡Currently trading close to its 3y median of 14.3x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 78% below the peer median of 66.2x.

vs. its own history

Fair

14.3x median over 40 months · +2%

vs. sector peers

Cheap

66.2x median of 4 peers · -78%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

5.1x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 7.7% to 12.2% over 3 years.
Cash generation is improving
Free cash flow is up 529% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 11.6% to 7.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 17.8% to 9.7% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 7.7% to 12.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 78% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from 11.6% to 7.1%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 10%✓ 12.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹18 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✓ 9.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 14.3x✓ 14.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹91 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.6x

Cheap

Cheap against the generic band

P/B Ratio

0.88x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹12.28

Profitable

Profitable on a per-share basis

ROE

7.1%

Weak

Weak capital efficiency

ROCE

9.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-12.3%

Shrinking

Sales are contracting

Profit Growth (YoY)

-28.9%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹18 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

7.0%

Average

Average margins

Net Margin

5.1%

Average

Average bottom-line conversion

Current Ratio

1.42

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.21

Defensive

Steadier than the market

52W Range Position

53%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

189.0 / 179.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

50.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹148 Cr	₹178 Cr	₹82 Cr	₹123 Cr	-6.1%
EBITDA	₹11 Cr	₹15 Cr	₹4 Cr	₹15 Cr	+9.4%
EBITDA Margin	7.7%	8.4%	5.0%	12.2%	—
PAT (Net Profit)	₹8 Cr	₹10 Cr	₹4 Cr	₹7 Cr	-6.2%
EPS	₹16.63	₹19.61	₹8.05	₹13.74	-6.2%
ROE	11.6%	11.9%	4.6%	7.1%	—
ROCE	17.8%	15.9%	5.0%	9.7%	—
Free Cash Flow	₹3 Cr	-₹27 Cr	₹32 Cr	₹18 Cr	+84.6%

🔴 Revenue has shrunk at 6.1% a year over 3 years.

🟢 EBITDA has grown at 9.4% a year over 3 years.

🟢 EBITDA Margin has risen from 7.7% to 12.2% over 3 years (+4.5 pts).

🔴 PAT (Net Profit) has shrunk at 6.2% a year over 3 years.

🔴 EPS has shrunk at 6.2% a year over 3 years.

🔴 ROE has fallen from 11.6% to 7.1% over 3 years (-4.5 pts).

🔴 ROCE has fallen from 17.8% to 9.7% over 3 years (-8.1 pts).

🟢 Free Cash Flow has grown at 84.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹149 Cr

Total Liabilities

₹50 Cr

Total Debt

—

Cash & Equivalents

₹14 Cr

Operating Cash Flow

₹19 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

9.5%

Insider Holding

61.3%

Corporate Actions

Ex-Dividend Date

12 Sept 2018

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
LARSEN & TOUBRO LTD.	30.1x	15.2%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

2 mixed1 negative3 general

MSCI Weighs Downgrade of Indonesia to Remove From Global Indexes

Livemint, 15 OctAnalyst view

🔴Potentially negativeAn analyst opinion changing, which moves the price without changing the business.

WSP Global Inc. (WSP.TO) Stock Price, News, Quote & History

Yahoo! Finance Canada, 16 Oct

Global Smartphone Market Share: Quarterly

Counterpoint Research, 26 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

The world’s top-performing stock market still isn’t a developed market. Here’s why, according to the MSCI chief

CNBC, 25 Jun

Value of global equity trading worldwide from 1st quarter 2017 to 4th quarter 2024

Statista, 08 JunResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Why calls to slow AI could trigger a global stock market shock

The Times, 21 Sept

Watch Items

Revenue growth is negative (-12.3%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

MiddlingRisk

WeakBusiness Quality · Growth · Profitability

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 1 high-severity red flag sits above this conclusion and should be read first.

All 4 tripwires holding · see Key things to watch ↑